The bankrupt construction company Carillion ran up debts and sold assets worth £217m to finance payouts for shareholders between 2012 and 2016, according to a parliamentary briefing paper published this week.
While the group paid dividends of £376m over the period, it generated just £159m of net cash from operations.
The report shows that the group’s dividend continued rising even as the cash flows to support it evaporated.
The Times reports that the Big Four auditors have had letters from the business and work and pensions select committees demanding that they reveal within a week work they did for Carillion since 2008.
